Boston Properties Profit Rises, Reaches Deal for Santa Monica Business Park -- Earnings Review

   By Maria Armental 
 

Boston Properties Inc. (BXP) reported first-quarter results on Tuesday. Here's what you need to know:

EARNINGS: Profit surged 81% to $176 million, or $1.14 a share, boosted by a sale of real estate. Analysts surveyed by Thomson Reuters projected 66 cents a share.

FFO: Funds from operations, a key performance measure for real-estate investment trusts, edged up to $1.49 a share from $1.48 a year earlier. Analysts forecast $1.50 a share.

REVENUE: Revenue rose 4.6% to $661.2 million, beating analysts' projected $641.4 million.

OUTLOOK: Boston Properties raised the low-end of its forecast for the year, saying it now expects earnings of $3.28 to $3.37 a share and FFO of $6.27 to $6.36 a share. It previously guided for $3.24 to $3.37 a share in profit and $6.23 to $6.36 a share in FFO.

DEAL: Boston Properties has reached a roughly $616 million agreement to buy Santa Monica Business Park, a 47-acre office park whose tenants include messaging app Snapchat parent company Snap Inc.

STOCK: Shares, which lag the market with a 9% decline this year, closed down Tuesday at $118.44.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

April 24, 2018 18:53 ET (22:53 GMT)

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